1. Canada’s Economy
Unit 5 Notes

2. 3 Economic Questions… What to Produce? How to produce it?
Businesses decide and government approves/denies it
How to produce it?
Businesses decide & government regulates procedures
For whom to produce?
Businesses decide based on supply & demand (price)
Which economic system does Canada have?…

3. Canada’s Economic System
Canada has a Mixed economic system
It’s actually pretty close to a Market economy; however, there is some government regulation among industries
It does have Free Enterprise…
Canada is economically strong!

4. Canada’s Natural Resources
What’s available?
Iron ore, nickel, zinc, copper, gold, lead, molybdenum, potash, diamonds, silver, fish, timber, wildlife, coal, petroleum, natural gas, hydroelectric power

5. Canada’s Land Use
What percentage of the land is arable (capable of being farmed)?
5% (only in Southern Canada; Northern Canada’s terrain is permafrost!)
What are the major agricultural products?
Wheat, barley, oilseed, tobacco, fruits, vegetables, dairy products, forest products, fish

6. Canada’s Industries What’s being produced in the factories?
Transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas

7. Canada’s Exports Chief exports: Exports total (2009): $323.3 billion
Motor vehicles & parts, industrial machinery, aircrafts, telecommunications equipment, chemicals, plastics, fertilizers, wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
Exports total (2009): $323.3 billion
Top exporting partners: US (79.3%), UK (2.8%), China (2.1%)

8. Canada’s Imports Chief imports: Imports total (2009): $327.3 billion
Machinery & equipment, motor vehicles & parts, crude oil, chemicals, electricity consumer goods
Imports total (2009): $327.3 billion
Top importing partners: US (51.1%), China (10.9%), Mexico (4.5%)

9. Which country is Canada’s biggest trading partner?

10. Canada’s Literacy Rate
What percentage of people over the age of 15 can read and write?
99%
How long are students required to stay in school?
To age17

11. Canada’s Unemployment Rate
What percentage of people do not have jobs?
8.3%
What percentage of people live in poverty?
10.8%

12. Canada’s GDP $1.277 trillion (2009)
GDP Per Capita--What is the value of goods and services produced per person?
$38,100 (2009)

13. 4 Factors That Effect Canada’s GDP
Human Capital: Canada is investing in education & training (check out literacy rate!)
Capital Goods: Canada is investing in new technology & building new factories
Abundant Natural Resources
Entrepreneurship

14. Canada’s Economic Problems
Unemployment & poverty
Over depletion of natural resources
Acid rain from factories near Great Lakes region
Improving public services (which forces the country to raise taxes)